What is a Mortgage ?

A mortgage is a consumer loan for the purpose of buying a home using the home you are buying as security.  This loan is registered as a legal document against the title of your property.

Important aspects of a mortgage loan include:

Principal – the amount of the loan, or the cash actually borrowed.

Interest – the amount the lender charges for the use of the funds, or principal.  Interest rates vary according to many factors, including the term and conditions.  The borrower is expected to pay back the principal together with interest.  Mortgage payments are applied toward both the principal and interest.

Amortization Period – the actual number of years that it will take to repay the entire  mortgage loan in full.  This normally ranges from 15 to 25 years.

Term – the length of time for which a mortgage agreement exists between you and your lender.

Maturity Date – the end of the term, when you can either repay any balance of the principal, or renegotiate the mortgage at then-current interest rates.  

Loan Programs 

Each of these programs is right for someone's unique situation.

Let your host help you select the program and lender 'right' for you, a program offering the best overall terms to achieve your goals.